Triple Diamond Energy Corp.
A 27-year-old ban on offshore drilling has recently been lifted by President George W. Bush, but the future of the ban is still undecided. To be enacted, Congress also needs to agree to lift the ban. If the Congressional ban is not lifted, offshore drilling will not be permitted.
According to oil and gas exploration company Triple Diamond Energy Corp., offshore drilling can be an important resource to meet long term oil needs while onshore drilling offers short-term solutions for immediate oil demands.
An onshore oil well is often less expensive than an offshore well, especially if the field isn’t very deep. A shallow well can cost as little as $1 million, while an offshore well in deep water can run as much as $100 million.
Triple Diamond Energy’s objective is drilling untapped domestic oil reserves in Texas and Oklahoma.
“We believe that by focusing on the oil reserves in Texas and Oklahoma, we’re able extract oil more quickly. Onshore oil drilling is less expensive than offshore drilling and does more to increase the oil supply now. Offshore drilling can be good in the long run, but isn’t the best option for short term, immediate oil needs,” said Chris Jent, Chief Marketing Officer of Triple Diamond Energy Corp. (http://www.triplediamondenergy.com).
“Texas holds more oil than any other state in America. Oklahoma also is full of oil and provides 3.3% of the country’s oil supply. Because we’re already focusing on extracting oil onshore, our company will not be affected by the outcome of the Congressional ban and it will be business as usual for Triple Diamond Energy,” said Jent.
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